TalkTalk plots break-up of telecoms and broadband group
TalkTalk, the telecoms and broadband group founded by Sir Charles Dunstone, is preparing to hire City advisers to oversee a break-up of the company.
Sky News has learnt that investment banks were asked to pitch this week for a mandate to oversee a potential sale of TalkTalk's two remaining businesses: its consumer arm and PXC, its wholesale and network division.
City sources said on Friday that Barclays and Morgan Stanley were among the banks in the frame to oversee the strategic review, which has been triggered by separate unsolicited approaches for both parts of the group.
Money latest:
TalkTalk, which has been grappling with a strained balance sheet for some time, is also in talks to raise a further £100m from a combination of existing investors and asset sales, according to people close to the situation.
The company has recently drafted in advisers from Alvarez & Marsal, the professional services firm, to assist its finance function with liquidity management, the people added.
TalkTalk has more than 3m broadband customers, with parts of its customer base expected to be sold as part of its efforts to raise money.
It completed a £1.2bn refinancing late last year, but has been under pressure from bondholders to raise additional capital.
Read more from Sky News:Sir Alan Bates backs Post Office Capture victims'Inflation and customer cutbacks' blamed for dive in retail salesGovt considers industrial energy cost aid
The likely proceeds from the sales of its two divisions were unclear on Friday.
Earlier this month, the Financial Times reported that BT's broadband infrastructure arm, Openreach, could block TalkTalk from adding new customers to its network in an escalating dispute over payments owed to BT Group.
A TalkTalk spokesman declined to comment.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Washington Post
18 minutes ago
- Washington Post
Putin boasts about Russia's economy despite recession fears
ST. PETERSBURG, Russia — President Vladimir Putin on Friday hailed Russia's economic outlook, saying it has managed to curb inflation and ease its reliance on energy exports. His optimistic account in a speech at the St. Petersburg International Economic Forum contrasted with somber statements by some members of his government who warned at the same conference that Russia could face a recession. Economic Minister Maxim Reshetnikov had said Thursday that the country is 'on the brink of going into a recession.'
New York Times
19 minutes ago
- New York Times
NBA star Kevin Durant invests in PSG, to consult on ‘potential' basketball expansion plans
Two-time NBA champion Kevin Durant has expanded his relationship with Qatar Sports Investments (QSI), investing directly into UEFA Champions League winners Paris Saint-Germain as part of a strategic partnership that will also see Durant consult on the club's 'potential plans' to expand into basketball. Advertisement In March, QSI revealed it had been approached about the possibility of launching a basketball franchise in Paris and that it had expressed an interest. The approach related to the NBA's potential expansion into Europe, under the moniker NBA Europe, and plans that have been developed under the leadership of commissioner Adam Silver. The Athletic reported in March that Silver would pitch the NBA Board of Governors with the outline of a plan to launch a new pro basketball league in Europe within the next couple of years. The prospective league had been hoping to attract 16 teams, which would include franchises in markets such as London and Paris, as well as possible defectors from the EuroLeague. Since then, there have been indications from NBA and EuroLeague executives that there may be a way to collaborate. EuroLeague CEO Paulius Motiejunas conceded to The Athletic that 'it is becoming more obvious that we have to work together', while NBA deputy commissioner Mark Tatum said the NBA intends to be the 'operator' of 'the top tier league in Europe.' Sources familiar with the planning, who wished to remain anonymous to protect relationships, confirmed PSG's ambitions in basketball relate to NBA Europe and indicated that it would be for the NBA and EuroLeague to thrash out what happens in Paris, where there is already a Paris team playing in EuroLeague. QSI, along with other major sports investors, are waiting for the NBA to launch its process for franchises in Europe. It remains to be seen whether NBA Europe will be a competitor or if some form of partnership with EuroLeague may develop. Durant's direct investment in PSG is a slightly convoluted affair. The 36-year-old had previously invested a single-digit million shareholding in the team, according to sources briefed on the matter but not authorized to speak publicly. This was made via his investment firm Boardroom, but this injection came via a financial vehicle created by the private equity firm Arctos Sports Partners. Arctos itself had purchased a 12.5 percent stake in the French team in December 2023, a deal which at the time valued PSG at around €4.25billion ($4.58bn; £3.64bn, currency figures based on the rates when the deal was announced). This latest deal, however, sees Durant exit the stake acquired via Arctos, with his exit taken up via other money from the fund, which means Arctos has not diluted and its stake remains at around 12.5 percent. Advertisement Durant has now taken a direct minority stake in PSG through Boardroom in tandem with his business partner and former long-time agent Rich Kleiman. The size of his investment is roughly the same as previously, but PSG is not disclosing the precise sum. In these partnerships, the access to the famous athlete and their connections, clout and expertise is, in any case, more valuable to the Qatari fund, which is not short of money. Durant, whose fourth Olympic gold medal came last year in Paris, said in a release: 'It is an honour to partner with QSI and be a shareholder in Paris Saint-Germain — a club and a city that is so close to my heart. This club has big plans ahead and I can't wait to be a part of the next phase of growth; and to explore new investment opportunities with QSI.' The stake, however, is just one aspect of the deal as PSG and Boardroom have also signed a strategic investment partnership. This means Boardroom and QSI will team up on commercial, investment and media content initiatives, as well as advising on PSG's growth in the U.S., while the parties will also develop merchandise together. Most crucially, perhaps, Durant will consult 'on Paris Saint-Germain's multi-sport strategy, including potential plans in basketball,' the release said, opening the door to Durant leading the way on NBA Europe's launch plans. Nasser Al-Khelaifi, chairman of Qatar Sports Investments, added: 'QSI is pleased to welcome Kevin Durant as a direct shareholder in Paris Saint-Germain and strategic partner of our group. We continually seek to elevate the club and our broader portfolio through high-impact partnerships that bring strategic value, innovation, and global perspective. Together with Kevin, we look forward to developing ambitious initiatives that will drive the continued global growth of Paris Saint-Germain and QSI.' Advertisement PSG's multi-sport empire already includes men's and women's soccer, youth soccer, handball and judo. Basketball will add to the set. PSG recently announced it is looking at fresh sites to build a new stadium away from their current home at Parc des Princes. The team is studying sites in Massy and Poissy and is examining a modern construct that will feature state-of-the-art sports and entertainment options. The club wants its stadium to be part of a multi-functional area and a destination. The team's CEO, Victoriano Melero, told Reuters last week that PSG may take inspiration from SoFi Stadium in Inglewood, Ca., which is a $5billion home to the NFL's Los Angeles Rams and Los Angeles Chargers, while it has hosted headline concerts for superstars such as Taylor Swift. It will also host eight matches during the World Cup in 2026 and events in the Olympic Games in 2028, but PSG have noted how the area has become a sports, entertainment and residential hub in Hollywood Park. The LA Clippers play at the Intuit Dome, a newly opened NBA arena a mile from the stadium. Analysis by senior NBA writer Joe Vardon Paris has always been a coveted market and center to any designs Silver has of starting a new league in Europe. This is no secret, nor is it a secret that the NBA's intended partner there is PSG because of the enormous financial and marketing power of the soccer conglomerate. PSG and its Qatari owners don't need Durant's money, nor, really, even his media company. But they are likely going to build a new arena — Durant could consult. As the league comes online, they'll need a practice facility and coaches, where perhaps Durant could weigh in. Imagine if Durant… played for PSG basketball. At age 36, Durant, who wants to continue playing, can sign a two-year extension this summer (presumably after he's traded by the Phoenix Suns). Silver has suggested it could take a few years to bring NBA Europe online. What if the league launched with Durant as its signature player? Don't rule it out — I have had prominent NBA coaches tell me they'd love to live and coach in Paris once their contracts run out. Advertisement Otherwise, Durant as a name partner with PSG could, conceivably, help in a likely competition for fans with the current Parisian pro team, Paris Basketball, which competes in the EuroLeague and top French pro league, has a new arena, and also holds near exclusivity for games at Paris' largest arena, Bercy.
Associated Press
21 minutes ago
- Associated Press
Romania's new president nominates center-right former mayor as prime minister
BUCHAREST, Romania (AP) — Romania's new pro-Western president on Friday nominated a center-right former mayor to be prime minister, as the European Union and NATO member state seeks to usher in a new government to end a protracted political crisis that has gripped the nation since last year. President Nicusor Dan nominated 56-year-old Ilie Bolojan of the center-right National Liberal Party, or PNL, after a fresh round of talks Friday following weeks of deliberations. Bolojan previously served as acting president between February and May, when Dan decisively beat a hard-right opponent in a heated presidential election rerun. That closely watched vote came months after the previous election was annulled by a top court, which plunged Romania into a deep political crisis. At the presidential Cotroceni Palace in the capital Bucharest, Dan said Bolojan is the 'most suitable person' for the job, which includes tackling a budget crisis. 'It is in Romania's interest for the Government to be supported by a solid majority, and the parties have understood this,' Dan said. 'Romania's urgent priority is economic recovery, but ... you need a solid foundation.' The president's nomination will need to be approved by lawmakers. A new government is expected to be comprised of the leftist Social Democratic Party, or PSD, the PNL, the reformist Save Romania Union party, and the small ethnic Hungarian UDMR party. The PSD has pushed for a power-sharing agreement that would see a rotation of the prime ministerial post. After he was nominated, Bolojan said he's 'fully aware of the great responsibility' the role will bring, and acknowledged it 'will not be an easy undertaking.' 'I will continue discussions with political parties to secure a parliamentary majority, finalize the government, and define the governing program,' he said. 'I will pursue three priorities: to restore order to the country's finances, to work toward good governance that creates conditions for development in Romania, and ... to show proper respect to the Romanian people.' One of the biggest issues a new government will face is how to reduce Romania's large budget deficit, one of the highest in the 27-nation EU bloc. The presidential election furore also exposed deep societal divisions in the country. Cristian Andrei, a Bucharest-based political consultant, says that a new government will face the challenge of reaching a longer-term consensus over already delayed state reforms. 'There is only a disputed agreement on very short-term measures, for the economic and budget crisis,' he told The Associated Press. 'If the short-term measures come with a social cost, inflation ... (and) will not be met by profound changes in policies and institutions, then the political crisis will loom over the next years and (future) elections.' After the first round of the May presidential vote, Bolojan, as acting president, appointed Catalin Predoiu of the PNL to helm the government, following the resignation of Marcel Ciolacu, who stepped down after his coalition's candidate failed to make the runoff.
